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How To Use The 8 P's Of Marketing To Grow Your Business

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Good marketing is essential to the success of your business. You can't blast your message out there and expect people to buy.

And you can't have the "if we build it, they will come" mindset either.

You have to be more strategic, which is why we advise our clients to follow the 8 P's of Marketing.

  1. PRODUCT- This is the really cool widget you are selling, or the outstanding service you are providing. Think about what makes you unique - about how what you offer is different from your competitors, and how it solves a problem your customer has.
  2. POSITIONING - How are you presenting your product or service to the world? Define your message and communicate how it helps your customers. Position your offering to be value-add to your target customers.
  3. PROCESS - Planning and good decision-making are crucial to good marketing. Develop sound processes for your marketing efforts that guide your activities and programs.
  4. PRICE - Finding the right price is not easy, but incredibly important. Price determines your profit margin, but if you price it too high, your customers won't buy. Ask yourself, "What are my customers willing to pay for what I am offering?"
  5. PLACEMENT - How are you going to put your product or service in front of the people who will buy it? Think about how and where your products will be displayed as well as your distribution channels.
  6. PROMOTION - This is how you are going to get the word out about your business. Consider activities such as social media, direct mail, blogging, public relations and advertising.
  7. PHYSICAL EXPERIENCE - People love the convenience of digital and the quickness of automation, but most still crave the human element of in-person experiences. The personal customer connection cannot be ignored. Testimonies of your satisfied customers can serve as a powerful marketing tool for your business.
  8. PEOPLE - So much of the customer experience depends on how your team delivers it. Be sure you hire to your core values, and that everyone - including your leadership team, employees, customer service and management- understands and lives your vision.

How have you used the 8 P's of Marketing in your business? Share with us on Facebook, LinkedIn and Twitter!

Gerber, LLC (“Gerber”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Gerber and its representatives are properly licensed or exempt from licensure.